ExxonMobil Signs Preliminary Agreement in Venezuela After 19 Years

US-based oil company ExxonMobil has signed a preliminary agreement to evaluate new fields in Venezuela, where its assets were seized in 2007. This development means the company is re-engaging with its operations in the country after nearly 19 years. However, the company has not yet made an investment decision. ExxonMobil requires four conditions to be met before it announces a final investment decision. The details of these conditions were not shared in the source text. One of the most significant obstacles to its return is the unresolved compensation dispute stemming from the 2007 expropriation. It is noted that the company remains cautious about making new investments in Venezuela until this dispute is resolved. Although the preliminary agreement allows ExxonMobil to evaluate potential fields in the country, both commercial and legal conditions must be clarified for the investment to materialize. The company's steps will also be monitored in terms of the course of international interest in Venezuela's oil sector. Not investment advice.